"Our foreign-exchange reserves when I took over were no more than a billion dollars; that is, roughly equal to two weeks' imports"
About this Quote
The subtext is sharper. Singh is signaling that the India of his early leadership moment wasn’t merely inefficient; it was exposed. A country that can finance only two weeks of what it needs is negotiating with the world from a crouch. Every policy option becomes constrained by the possibility of a sudden stop: credit dries up, currency slides, essentials get costlier overnight. By specifying the reserves “when I took over,” he’s also staking a claim over the narrative of reform: not ideology, but necessity. The phrase frames liberalization less as conversion to markets than as triage.
Context matters: this is the early 1990s, when India faced a balance-of-payments crisis and had to confront the limits of its closed, license-heavy economic model. Singh’s rhetorical power lies in its restraint. No melodrama, just a clinical metric that carries moral weight. It’s a statesman’s way of saying: we were closer to the edge than you remember, and the edge has a number.
Quote Details
| Topic | Money |
|---|---|
| Source | Verified source: Commanding Heights: Interview with Manmohan Singh (Manmohan Singh, 2001)
Evidence: Our foreign-exchange reserves when I took over were no more than a billion dollars; that is, roughly equal to two weeks' imports. (Interview conducted February 6, 2001; section "India 1991: 'Getting Government Off the Backs of the People'"). I found this in a primary-source interview with Manmohan Singh hosted by PBS's Commanding Heights project. The page states the interview was conducted on February 6, 2001. In the interview section titled "India 1991: 'Getting Government Off the Backs of the People'," the interviewer asks, "How many days' worth of foreign currency [or reserves] did you have left?" Singh replies with the quoted sentence. Based on the evidence I could verify, this is the earliest directly attributable primary-source publication of the exact wording I found online. I did not find the exact sentence in his 1991 budget speech; that speech uses different wording about reserves covering only a fortnight of imports. So the exact quote appears to have first been published, at least in this wording, in the 2001 PBS interview rather than in a 1991 speech or book. Other candidates (1) Manmohan Singh (K. Bhushan, G. Katyal, 2004) compilation95.0% ... MANMOHAN SINGH : Our foreign - exchange reserves when I took over were no more than a billion dollars ; that is ,... |
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Citation Formats
APA Style (7th ed.)
Singh, Manmohan. (2026, March 16). Our foreign-exchange reserves when I took over were no more than a billion dollars; that is, roughly equal to two weeks' imports. FixQuotes. https://fixquotes.com/quotes/our-foreign-exchange-reserves-when-i-took-over-119948/
Chicago Style
Singh, Manmohan. "Our foreign-exchange reserves when I took over were no more than a billion dollars; that is, roughly equal to two weeks' imports." FixQuotes. March 16, 2026. https://fixquotes.com/quotes/our-foreign-exchange-reserves-when-i-took-over-119948/.
MLA Style (9th ed.)
"Our foreign-exchange reserves when I took over were no more than a billion dollars; that is, roughly equal to two weeks' imports." FixQuotes, 16 Mar. 2026, https://fixquotes.com/quotes/our-foreign-exchange-reserves-when-i-took-over-119948/. Accessed 24 Mar. 2026.



